Pilot Energy Limited (AU:PGY) has released an update.
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Pilot Energy Limited has announced amendments to the acquisition terms of the Cliff Head Joint Venture, extending the completion date to 29 November 2024, with a new payment structure for the Arrowsmith Assets. The changes include an initial non-refundable down payment and interest-bearing reimbursements, with Pilot assuming full running costs and gaining control of the joint venture’s board post-payment. This move signifies Pilot’s strategic shift towards clean energy projects, utilizing its oil and gas assets as a foundation for future developments.
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